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20130201
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Search Results 0 to 38 of about 39 (some duplicates have been removed)
is not simply the debt ceiling. what we are facing is the sequestration, the automatic cuts of a trillion dollars over 10 years, which many republicans are seeing a willingness, expressing willingness to let set in at the end of march, and that will mean another fight and struggle. all this will unfold in probably six months. i think he is in a good position to fight for the next six months. >> there was an interesting and little noticed thing this week. economic members in britain came out, where they have had a very tough austerity program. now they are possibly entering into a triple dip recession. it is an example, perhaps, of too much austerity. franceay be an example of too much non-austerity. but if we go through sequester, people will see what those cuts mean. i think there would be a rebellion over it. >> you could hardly accuse the united states of indulging too much in austerity. we have added $5 trillion in debt. >> i am not saying that. i am saying that what we have at this moment is a decision of how much to cut and where. the democrats are recalcitrant about entitlements. r
states which is under, and if we don't resolve some of the debt ceiling and some the spending cuts, when you get into some of the fiscal order that you're talking about, you're going to have that weight on it. and even though you have proposed a lot of folks with japan in terms of some of the political leadership, they are still at negative growth with 7%. so now you're up to 50% or so of world gdp that is a drag on the economy. how do you look at the broadest sense of contagion as it relates to emerging market growth, developing country growth, with 50% of world gdp possibly in a situation? >> i think the trade figures tell at all whether you agree with that or not. i think the trade figures show what's happening. and there's no doubt picking one of the countries you mentioned, china. i mean, china for the last 20 years has been double-digit growth. last year they had one of the worst years in recent memory, we will see the final figures coming out. it didn't get below 7% which i view as a hard landing. but when you move from double-digit down to seven something are sent back, and one o
to suspend the debt ceiling but the spending sequester cuts are still set to kick in on march 1st and i hope they do. now house speaker john boehner says president obama is out to annihilate the republican party. we'll talk about all that with new hampshire senator kelly ayotte and our political panel in just a few moments. >> also, big time golfers phil mickelson, tiger woods, lebron james and derek jeter are all supply siders. we'll explain that later this hour. >> i wasn't involved in the talking points process. as i understand it, as i've been told, it was a typical interagency process where staff, including from the state department all participated to try to come up with whatever was going to be made publicly available. >> that of course was secretary of state clinton today on capitol hill saying she had no role in susan rice's false talking points on the benghazi consulate attack. but will we ever find out why ambassador rice denied the terrorist attack and misled the public saying this on "meet the press." >> what happened in benghazi was in fact initially a spontaneous reaction to w
increase in this debt ceiling we have to have a dollar in cuts to match that. the president said earlier this month, i'm not doing that anymore. we are not going to keep negotiating over the debt ceiling. this is our obligation over. the republicans have conceded the president had won the argument and are now -- this week they ebb extended the debt ceiling with no accompanied spending cuts. the republicans will cede that issue to him. >> your latest article, mitt romney i'm not going away. tell me. >> certainly was a little different. he came in to toub this weekend for the alfalfa dinner. we hadn't seen a lot from mitt romney since he lost in november. he to told donors that it was purposeful. he is not going anywhere. he will be active in 2013 and 2014s and in terms of 2016. although some sources said his personal ambition for public office are over. >> good to see you both today. thank you so much. >> thank you, t.j. >>> to the weather, the midwest is facing an ice threat. winter storm is dropping snow and freezing rain expected to bring icy conditions. power outages and travel delays
an extension of the debt ceiling, raised the debt ceiling for the future. and i didn't vote for that. there were no cuts included in that bill. the only cut that we have ever come up with is this 1.2 trillion, because the committee, the special select committee couldn't come up with a spending reductions, were now going to have as part as sequestration. i don't really believe in across the board cuts. i think that's irresponsible. but in the absence of cutting spending someplace to replace those 1.2 -- >> got to take it where you get it. >> it's not the only way we're going to get it. >> it's never a good time to cut spending. it's one of the things i've learned. i guess i saw it years ago when i worked down there. but reporting on this thing night after night, one of the things i learned, senator moran, is it's never a good time to cut spending. so march 1st is an interesting deadline. >> i'm not voting to set the sequester aside unless we cut the 1.2 trillion someplace else. >> good luck on that. senator jerry moran of kansas, thank you very much, sir. we appreciate it. >> thank yo
could raise the debt ceiling only if we cut government spending as well. but where were they during those years? those very difficult or years? and incidentally, aye compile -- i've compiled the voting records on the debt increases that president bush requested during those years. and i hope, mr. chairman, i could insert them into the record. >> without objection. >> thank you. many senior members of this committee routinely voted to raise the debt ceiling during those years even though the money for the tax cuts and the wars was put on emergency basis for the purpose of hiding the costs. so i'm pleased that we're coming around to a more reasonable position today, and i hope that we're going to find a common path forward on many of these issues. mr. johnson, you state in your testimony that low unemployment depresses tax revenue, and this is the mayor reason for -- major reason for our current deficits and why they're so large. once the economy recovers fully and the unemployment rate is lowered, it certainly will take some of the pressure off of these discussions. acknowledging the
is that business seemed to respond to all the uncertainties surrounding the debt ceiling. by cutting back on capital investment, and not firing people. there was a lot of anecdotal evidence over that, that they were waiting this out. that maybe they thought this time around it was more bluff and bluster than reality that we'd hit the debt ceiling. and that seems to have paid off. people don't -- employers don't like to fire employees. not only because of, you know, being gentle human beings but because it's costly for them to do that. they tried to hold on. what we seemed to be seeing here right now is i held my exuberance last week because i thought it was a one-off seasonal adjustment thing and you do have to be careful in the month of january, as people come off the rolls because of the seasonal hiring. and there's still some reason for skepticism. but staying down at this level for a second week, joe, we've always said 350 was the bottom of the range, and we're putting in a new bottom down there this 330 that you've got to think about. probably payrolls up near 200,000 or above and ma
. eventually we'll have to deal with spending cuts and the debt ceiling debate. whether or not that's it. for the meantime, the markets run a long time just because they are soaking up all the stimulus from the fed. >> a lot of stimulus from the other central banks cutting trase today. greg, you want to get in front of this train and fight the fed? >> yeah, i think that the fed is going to continue pushing pretty hard this year but equity investors have to take a look at what's in the fed's tool backs and realize they have shot every arrow that they have got. they will keep gig qe this year, maybe another $1 trillion but even inside the fed there's doubts about how much more effective will be at this stage, what, with long-term interest rates as low as they are. tomorrow i don't expect any fireworks from them. i'll be interested to see how they characterize the economy, whether they are getting more comfortable with it now that we have the biggest piece of the fiscal cliff out of the way or whether they are still concerned that employment is sluggish an inflation is tracking kind of low.
defense spending directly? >> this moves the debt ceiling fight the back. now march 1, automatic spending cuts and defense and other programs begin to hit and government spending on march 27. next up, defense spending will be a topic of conversation in d.c. and congress. david: rich edson, thank you from d.c. liz: the chief strategist in the pits of the cme. right now i would love to sit here and talk about the trading action for today. the last day of january, it all @ooks very nice. it looks pretty good for january. here comes the january jobs report, is that what people are looking at? >> absolutely. the whole week has been pointed for tomorrow. lots of consumer confidence, lousy gdp, lots of bad numbers. everybody is pointing for this number tomorrow. if it doesn't beat significantly, think we're in for a little bit of solid pressure. looking for 195, expecting 215. if we are not north of 215, the market might rally a little bit and then sell off. now priced for perfection. david: what kind of selloff are people expecting? a minor 5% selloff for something bigger than that? >> i think
right, phil, thanks so so mh anyway, appreciate the time. debt ceiling fight delayed for now, but if it goes to plan, the agreement does nothing to stop automatic across the board cuts taking effect march 1st. what do we do now? mike lee joining me from capitol hill. senator lee, thanks for coming on. you know, i think a lot of americans are surprised to hear right now that we still have sequestering in place with all the rangeling going on in the last couple days. what's the plan? >> you know, at this point, there's no plan on the table because the attention has all been focused on the debt limit issue, and two are related, of course, because, ultimately, it's not the debt limit itself the problem. it is the spending that goes on propelling us forward with having the raise the debt limit every six to 18 months because we can't get spending under control. passing this in 2011, raised the debt limit then, put in place automatic cuts to kick in if the super committee dbt have a proposal. they are about to kick in. >> what do you think is going to happen? what's the talk? >> you
. and i should addo that, a constitutional crisis in a way because this whole debt ceiling has been a weapon that the house of representatives have used to gain power. it's not just the republicans versus the democrats. it's the house versus the president. i don't know how it the play out. >> meanwhile, the marketses are on fire. the s&p 500 hitting a new five-year high along with the dow jones industrial average. what is driving the stocks and do you think it's sustainable for the year? >> the part of it that i understand is that some of the risk has been pulled out of the market. so most recently that the u.s. has got three months before the next thing happening. some of the risks. and maybe just the election was determined and people aren't necessarily happy, some are, some aren't. but it's solved. take some uncertainty away. markets don't like uncertainty. so even though it wasn't very likely the european would fall apart, even though it wasn't very likely the u.s. would fall on its debt, pulling it out of the equation lifted markets a lot. >> meanwhile, new appointment, in the
between it legs. i haven't heard anything from s&p or moodies who say we want the debt ceiling to go higher. everybody watching this show who has cut back 0, government has to learn how to do the same thing. it's cowardly in washington to continue to hide behind the notion that we're going to collapse overnight as a nation if we don't keep spending ourselves to death. >> i agree. congressmen have basically sent a message that today is not the day we're going to stop spending our children's and grandchildren's money, and charles is exactly right. the reason why our credit got downgraded is because of our out of control spending and out of control debt. the fiscal cliff deal even we just witnessed, it's such -- added four trillion dollars to our deficit over the next ten years. so, congress is not serious about reigning in spending and that's exactly when the we need to too. >> but they're not doing it. >> they're not doing it. and it neils hunky dorie. that's just it. >> the markets aren't. >> the markets are hunky doory for a few reasons. it's pause of the global economy. markets wen
think the sequester will happen. we cannot lose the spending cuts. that was to pay for the last debt ceiling increase. >> one of the nations largest federal contractors, general dynamic, announced in recent days a $2 billion loss which it is blaming on defense cuts and falling government demand. >> the measures will have to be taken. layoffs and the defense industry. most importantly to me, devastating growth to our national security at the sequestration takes place. it is up to congress and the president to act together. frankly, so far, i have not been the type of urgency that many of us feel about sequestration and its implementation. >> it seems that the war being wound down in afghanistan that the real fight is beginning at home for tighter budgets. melissa: jennifer griffin, thank you very much. illinois heading to disaster. joining us now, dan rutherford. that is coming up. lori: are you overeducated and underemployed? the new normal of this job recovery. ♪ . . . .. [ male announcer ] where do you turn for legal matters? at legalzoom, we've created a better place to handle y
to that a constitutional crisis, in a way, because this whole debt ceiling has been a weapon that the house of representatives has used to gain power. it's not just the republicans versus the democrats. it's the house versus the president. >> meanwhile, these markets are on fire. another good week for the market. the s&p 500 hitting a new five-year high. what is driving stocks? and do you think it's sustainable for the year? some of the risk has been pulled out of the of the market. so the most recent is three months. some of the ris ks. and maybe just that the election isn't determined. maybe some are happy. some are, some aren't. but it's solved. markets don't like uncertainty. so even though it wasn't very likely the european union would fall apart, even though it wasn't very likely the u.s. would fall on its debt, i think that lifted markts a lot. >> meanwhile, new appointments in the obama administration. timmy geithner, the last day was on friday. i want to ask you about his successor. he's certainly served during a tumultuous time. >> if i'm going to give him one grade, i'm going to
approved the debt ceiling deadline without a fight but did so without making usual demands for spending cuts. before you get too comfortable with that, think again. that debt limit increase is only a temporary three-month stopgap measure to give them more time for a budget resolution in the senate and a bigger budget battle ahead which brings me to the ducks. one lame duck to be precise. ever seen a lame duck? they can't fly far. they are lucky if they get off the ground. last week, president obama laid out his fight plan for the heights of to which he hopes to soar in his second term. his agenda may never find its wings if it is stymied in the tangle of capitol hill gridlock. a seemingly endless series of cliffs, ceilings sequesters and showdowns. the upcoming budget fight is only the first of many. remember the fiscal cliff? well, it never really went away. it was postponed for a couple months. we have the threat of automatic spending cuts looming over our heads march 1s. government shutdown on the 27th. we'll need a new spending bill to keep it going. mark your calendars march 19th w
in spending cuts we can't lose those spending cuts. that was to pay for the last debt ceiling increase let alone any future increases. >> reporter: one of the nation's largest federal contractors, general dynamics based in fall's church, virginia, announced a $2 billion loss which it is blaming on defense cuts and falling government demand. >> draconian measures will have to be taken, furloughs, layoffs in the defense industry but most importantly to me, a devastating blow to our national security if the sequestration takes place. and it is up to congress and the president to act together and frankly so far i have not seen the kind of urgency that many of us feel about sequestration and, its implementation report so it seems with the war being wound down in afghanistan, the real fight begins at home for tighter bum jets. jamie? jamie: those civilians play an important role. thanks. jon: take a look at this. a brush with death for a guy on a motorcycle, when a big-rig truck flips over and nearly crushes him. jamie: whoa. jon: yeah, that amazing video, where it happened. we'll tell you about
, we suspended the debt ceiling until may 19, but the senate now has to come up with a budget. this is the time for lawmakers to find these important spending cuts, making the reforms we need and in the entitlement programs and cutting inappropriate and wasteful federal spending. >> thank you very much. >> thank you. >> so from funding pig manure to putting lipstick on a pig. we showed you how the mainstream print media was portraying the awful gdp report, showing the first contraction in three and a half years. >> what you had was a parade thrown by all of these democrats and jay carney and nancy pelosi. woo-hoo, raise the roof. negative growth. what -- >> they blame the house. the reason for the negative growth was obstruction in the g.o.p. driven house. >> yeah, that's right, and of course, nancy pelosi, harry reid who is wagging his finger and telling people, don't bad-mouth it. that ways the exact quote he used. and unfortunately there are too many of these manystream media types who are falling right in line. it was a stunning drop. s-h-h-h. >> we also pointed out we rea
back in the driver's seat because they cooperated on raising the debt ceiling. they forced the senate democrats to put up a budget. the next thing will be the continuing resolution, short term spending cuts. i think the gop by stopping taxes is back in play, they are back in play. >> i love your optimism, larry. i wish i could be jumping up and down with you. but i'm afraid the republicans are in full retreat. i'm hoping -- i know they won't agree to this tax increase. the senator is absolutely right. but the problem is the democrats are using this as another opportunity to put republicans of throwing granny off the cliff, caring only about their millionaire and billionaire buddies. patty murray said we'll put it on the people who best can afford it. it worked for president obama, the democrats, like the cbs news political director said is to go for the jugular, to cut the throat to destroy republicans. this is not about achieving a budget or growing jobs. it's about destroying the opposition so they can continue grow the size of the federal government, continue to increase deficits a
republican amendments, though, including matching spending cuts for every dollar increase in the debt ceiling. those amendments expected to be defeated. the bill won't technically raise the debt ceiling, but it will suspend it until may 19th when it will be raised by the amount that the treasury borrows in the interim. that's how it's going to work. and markets, as we've been talking about on a tear this month with the dow having its best january in decades. but will yesterday's surprising drop in gdp reign in the bulls, it says here? let's get a read on the state of the economy. at least it wasn't a -- that kind of rein. there's three of them. anyway, joining us for the next hour is bob bruska. that's fao -- >> no. you cannot. >> fao economics. as becky said at the top, things are going to go really well or the market is going to have an '87 crash. >> i like the binary outlook. >> everything you said was so good until you gout to that point. >> he usually wears one of these very clever ties. >> i'm not going to give him any -- >> there you go, joe. >> you didn't forget because you are gettin
it's not, it is always about "money". melissa: so forget the debt ceiling for a moment. we're just one month away from march 1st. that is the budget sequestration deadline. if congress fails to agree on specifically where to cut $85 billion, we're looking at automatic across-the-board cuts. house republicans made it clear they're ready to let the sequester happen. joining me now for more on this is democratic congressman curt schrader. thanks so much for joining us. what's going to happen? that's what we're all wondering? feels like we're cruising toward this deadline. what is going to happen? >> well, i'm worried, melissa, to be very honest with you. you're right if we don't get our act together do something on tax reform and the social safety net americans count on. we'll have across-the-board cuts. why do it with congress. we could have a bunch of chimpanzees to do this. melissa: don't tempt me. you sort of stopped me dead in my trackses with that one. is something going behind the scenes that we don't know about? doesn't seem like we're not getting closer. at the debt ceiling w
. >> there is untranssy against on both sides. compromise on taxes and spending. i was happy to see the debt ceiling thing put back to may if not further. david: professor alan blinder. thank you very much. sandy, over to you. sandra: apple getting slammed after its disappointing forecast. a long list of analysts just now cutting their ratings and price targets. why wasn't this done earlier? coming up we have an analyst who sent up a early warning last week. up next as well as back to davos, the president of costa rica tells liz how their tax policies are bringing in business from some big companies. >> i'm adam shapiro with your fox business brief. it was a mixed day on wall street but the s&p did manage to post its 7th straight day of gains. at&t reported fourth quarter results after the closing bell. earnings per share for the company fell a penny short of stilts coming in at 44 cents. revenue came in slightly better than expected, $32.6 million. >>> officials at sac capital are giving investor an update on an investigation by the securities & exchange commission. that's what sources are telling fox bu
the debt ceiling? >> well, a decision by house republican leaders at their retreat about two weeks ago. they tried in 2011 to use the debt limit as a leverage point of force obama to swallow big spending cuts. it worked, but it was terribly damaging, but the the nation's economy and to their political capital. congressional plummeted to something like 9 percent. and they recognize that this was a bad idea. gambling with the faith and credit of the united states it turns out as a pretty bad idea. we were downgraded for the first time in the nation's history. they did not want to do that again. like us said, they did not want to vote for a bigger national debt either. that does not fit with their philosophy, so they came up with this strategy of saying, okay, we will suspend it. in the meantime, we really want the senate to pass a budget for 2014, and the law also says that if either chamber fails to adopt the budget by april 15th, their paychecks will be docked. so the whole idea of this thing is to a postpone this sort of economy prattling default situation until they can prosecute thi
you, in case you missed it, the house passed a bill yesterday suspending the debt ceiling. here is a baltimore sun piece. also on page 6 of "the baltimore sun" is a picture of john boehner and says -- they show the speaker in a photo saying it would cut the deficit twice as fast as other plants. the speaker is also out there making a speech to the society. the headline basically says this -- his focus is basically to annihilate the republican party. here's a look at you to but. [video clip] >> from what we heard yesterday, it is pretty clear to me -- it should be clear to all you he knows he cannot do any of that as long as the house is controlled by republicans. we are expecting over the next 22 months to be the focus of this administration as they attempt to annihilate the republican party. i do believe that is their goal. and just to shut us into the dustbin of history. host: these were remarks to the ripon society. they go on to write to that the transcripts or accurate, and noted that the speaker regularly attends the event. perhaps we will hear more about this in the days
with the debt ceiling. so the sequester is the next thing that republicans -- >> yes, sequester and the budget. and, i don't know what richard things, but my view was -- >> hasn't been a budget in four years -- >> there has been a budget. not a stand-alone budget. they just keep continuing the budget that already exists. >> is that a problem? >> it can be a problem. >> how do you -- >> i think it was -- i blame partisanship in washington. i don't think that's any one person's fault by any means. i think not making the fight about the debt ceiling, which has the unfortunate downside that if you mess it up, the u.s. government defaults, and it's a financial catastrophe, this was a sign of maturity. i think on the republicans' part that let's make it about the budget. so the budget is now going to come to so-called continuing resolution. they're going to have to have a fight about a government shutdown. this is what they should be arguing about. what does the government spend money on? what should it spend money on? how much revenue should be coming in? let's make the argument about that, not abo
, the largest in u.s. history, or if you can use the debt ceiling, which you cannot in the end pull the trigger on, because even though you could probably go without technical default for months and months, it would be catastrophic. it would mean you'd have to cut spending by 40% overnight which you can't do. so unless you can execute the bluff, don't do it because obama will call it, as he called it on january 1 of this year, as he would with the debt ceiling. don't -- if you can't carry out the bluff. i hope you weren't plauding carrying out the bluff, in which case my entire argument is undermined and has gone nowhere. >> i think that's a small contingent against suicidal charges. >> and they are on suicide watch. i hope their shoelaces have been removed. [laughter] >> so you do what i think the house members and their retreat in williamsburg very cleverly did. you pick your fights and don't try to govern from one house to get very small advances. i thought i recommended last week that in return for a temporary debt ceiling hike of three months, they demand that the senate produce a budget.
the senate passes a budget. and we're not going to just keep raising the debt ceiling. we're going to make a down payment on debt reduction, and we're going to point the country in the right direction, we're going to cut spending. [applause] you know, there will be times p when conservatives disagree on the way forward. we've never marched in lockstep. that's not what we do. a healthy debate is a good and needed thing. we can deliberate in private without fighting in public. all we should ask of each other is that we give an honest account of our actions and their reasons for them. we should challenge the left, not each other. and if we take the prudent course, you know what? we'll be in really good company. our founders were men of prudence. take james madison. nowadays we call him the founder, the father of the constitution. but at the constitutional convention, he lost some key arguments. you know, he fought the plan to give each state the same number of seats in the senate. he thought it was deeply unjust. and at first he wants -- he wanted congress to be able to veto state laws n. bot
Search Results 0 to 38 of about 39 (some duplicates have been removed)